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Original poster

Where to stash £60k?

25 replies

muddledpup · 30/04/2020 20:22

Ok so I'm about to become £160k richer
Never in a million years did I think I would ever come into money but my mother died before her time and this is the result of the death in service payment etc
We are looking to put it into a property (market depending) in a years time (It will still take months to get the actual payment) 50k into each of our premium bonds (think that's the max?) but then where to put the other 60k? With interest rates being next to nothing? Is there any point in putting it anywhere but our standard savings in the present climate?

Also ... should I seek legal advice about protecting this money in the event of a divorce? Is that possible?

OP posts:
Witchend · 30/04/2020 20:25

I can provide a box to bury it in my back garden if you like.

Original poster
muddledpup · 30/04/2020 20:27

With things the way they are at the moment that seems as good an option as any

OP posts:
amusedbush · 30/04/2020 20:27

You can stick it in my bank account if you like Grin

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General money Savings & investments
Original poster
muddledpup · 30/04/2020 20:28

Although I don't think cash will be a thing after this to bury . I think this virus will be the end of physical cash

OP posts:
whatisheupto · 30/04/2020 20:29

Stocks and shares ISA

Acidrain · 30/04/2020 20:29

Under your bed in a shoe box

whatisheupto · 30/04/2020 20:30

Oh just seen it's only for 12 months.....

Original poster
muddledpup · 30/04/2020 20:30

Ok amusedbush . If the Nigerian princes who have offered to help me out fall through I will get back to you .

OP posts:
amusedbush · 30/04/2020 20:33

@muddledpup

Thank you, I’ve had many offers in my junk mail but they haven’t been forthcoming! Grin

orlarose · 30/04/2020 20:33

'Marcus' saving account (I'm no expert but that's one of the ones we use).

CountFosco · 30/04/2020 20:34

Speak to a financial advisor. Pay off your mortgage, max out your pension contributions, max out your stocks and share ISA, are all reasonable options depending on your financial situation, age and attitude to risk.

grincheux · 30/04/2020 20:38

Premium bonds?

missmouse101 · 30/04/2020 20:44

Did you read the OP, grincheux? Hmm

AntiSocialDistancer · 30/04/2020 20:46

I'd use some of the money to speak to an independent financial advisor.

TheMandalorian · 30/04/2020 20:46

Have a browse on money saving expert. Get some ideas. Talk to a professional financial advisor.

BarbaraofSeville · 30/04/2020 20:47

Might as well go with premium bonds for the £100k, as there's no risk, you can get the money back within a few days and you should beat a savings account.

If you already have a mortgage and the interest rate is above about 1% or so, you could pay some off if you're allowed to and remortgage later to re-release the funds. Or if you decide that's not worth it, look at 1 year term accounts or instant access.

HugeBowlofChips · 30/04/2020 20:47

Serious answer: any National Savings and Investments Account is backed by HM Treasury, which means any money you invest is 100% safe. You can have one of these AND the premium bonds. Rates are crap but maybe you don't mind if it's for a year. However, that doesn't take account of potential inflation. So you could just spend it on something stupid instead.

Cheesecakejar · 30/04/2020 20:49

I was automatically going to say don't bother with property but if there is the huge drop in house prices that is forecast after coronavirus you could get yourself a bargain and make a tidy profit in a good few years....

HugeBowlofChips · 30/04/2020 20:49

Pay off debts, also. You didn't mention them so assuming you don't have any.

Thesuzle · 30/04/2020 20:51

May i recommend Vanguard. Very low fees and they only not her with the top 100 performing companies on the stock market

Original poster
muddledpup · 30/04/2020 20:54

Buying the property was always in the pipeline for next year . Didn't foresee this happening though so it opens up more options in terms of what we buy
I haven't even applied for letter of admin yet (only received info I needed today after 4 months of waiting ) so that will take a good while I think and then I have to send off the forms for the money
So who knows when we will get it

OP posts:
HanaHeya · 30/04/2020 20:56

Premium Bonds are a terrible investment. They have virtually no inflation protection so you’ll risk not even getting back what they’re with on the future.

You need to think about how long you want it locked up for and why. Put it in tax free wrapper like ISAs ( you can redeem it anytime) or a personal pension (check the rules on accessing). That way you get tax free growth an accumulation, you can choose where to concentrate or spread your risk. Overtime you will undoubtedly do better than premium bonds. Don’t buy a property you’re not going to live in. Taxes in the future will rise massively to get us out of the debt we will find ourselves in after CV, the first to be taxed will be anything seen as a luxury, ie property you don’t live in.

I’d echo advice here, speak to a financial advisor. I’d recommend Hargreaves Lansdowne or similar, you need to look at this money in the context of your life plan... how long you want to work, when you want to pay off mortgage, what you want to pay for for kids etc. With the best will in the world, whilst it’s important to be prudent it won’t take you hugely far and you could lose it all quickly if you do the wrong thing. Best of luck.

HanaHeya · 30/04/2020 21:00

*what they’re worth in the future

sorry I just realised I’m assuming you’re talking about property as an investment not a home. If it’s a home, disregard the above as I was thinking investment... but still seek advice.

Lilimoon · 30/04/2020 21:06

Are you in a union OP? You may have access to free financial advise through them.

Original poster
muddledpup · 30/04/2020 21:07

Should have added that the property is to live in
So will get rid of the one we have now and put the money down on a new one in a better area
With things the way they are I don't think anyone can be certain of the housing market in a years time
We could only have the money for a matter of months but then it could be a lot longer, who knows
Can't leave it in the current account though

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